A court in
The firm informed its shareholders and the public that the injunction took effect immediately.
It argues that the lender illegally appointed a receiver while they were still engaged in negotiations, saying it breached the law.
"We are delighted to see that the court has seen the irregularity that marred this very unfortunate and ill-intended process. We viewed the bank as a partner and have been in what we saw as positive discussions to arrive at an amicable agreement just a day before the receiver was appointed by the bank,"
"
"Despite the challenging economic environment that
On Saturday,
The lender appointed Messrs Muniu Thoithi and
Thoithi is a specialist in forensics and business recovery services at PwC.
By being placed under receivership, it signaled Equity's intention to settle bad debt.
The injunction puts a stop to the appointment of the receivers and restrains them or their agents from performing any actions in their capacity as receivers of the company.
"
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